Morning Brief: U.S. Debt Deal Clears Crucial Hurdle; Chinese PMIs Came Below Expectations; EZ Inflation Probably Slowed in May
Americas
Markets
🇺🇸 #Gold #Bonds | #Hedgefunds have placed a record aggregate short bet across long-dated #Treasury futures, a set-up that could spell a rush to bullion if the extreme positioning is unwound, according to Bloomberg Intelligence Senior Macro Strategist Mike McGlone. pic.twitter.com/JCMyKX9XEx
— fastreveal (@fastrevealnews) May 31, 2023
it's different this time pic.twitter.com/84ehaUlWU2
— zerohedge (@zerohedge) May 30, 2023
🇺🇸 Market outlook for #Fed rates has been more hawkish since mid-May – Bloomberg pic.twitter.com/3xuBBHzq9o
— Christophe Barraud🛢🐳 (@C_Barraud) May 31, 2023
Economic Indicators and Prospects
🇺🇸 Consumers saw labor-market conditions cooling more markedly in May as waning demand for workers helps right the supply-demand imbalance – Bloomberg pic.twitter.com/Sc00b8yBN0
— Christophe Barraud🛢🐳 (@C_Barraud) May 31, 2023
Housing
🏠 Home prices are on the rise again, with March 2023 seeing a 0.7% increase from last year, according to S&P CoreLogic Case-Shiller Indices. Regional differences persist, with the Southeast leading and the West lagging. https://t.co/wGKxiC5GFT
— Jennifer Kuhlman Realtor (@JenKuhlmanRE) May 30, 2023
Home prices rose for a second straight month as buyers competed over few houses for sale https://t.co/B7a6BVHqPe
— Bloomberg (@business) May 30, 2023
Monetary Policy
Rapid wage growth has not been an important driver of inflation, according to a new San Francisco Fed analysis https://t.co/TbHeQ3YQv4
— Bloomberg (@business) May 30, 2023
Fed’s Barkin Says He’s Seeking Evidence Demand Is Coming Down https://t.co/5Vu8WwG44t
— Bloomberg (@business) May 31, 2023
Fiscal Policy
🇺🇸 Debt Deal Clears Crucial Hurdle, Setting Up Wednesday House Vote – Bloomberghttps://t.co/VRZdnWPMKl
— Christophe Barraud🛢🐳 (@C_Barraud) May 31, 2023
Trade, Politics and Geopolitics
The US Treasury is seeking engagement with China while also sharpening the economic tools needed to counter what it sees as national security challenges https://t.co/NZSkcpqTxB
— Bloomberg (@business) May 30, 2023
US accuses China of risky encounter over the South China Sea – Bloomberg https://t.co/YEogf5lFdj
— The Edge Malaysia (@theedgemalaysia) May 31, 2023
Asia
Markets
Chinese Stocks Extend Rout as Factory Gauge Contracts Again https://t.co/Nnsk4p9t2Y
— YU HAO YU (@cestleiden) May 31, 2023
Economic Indicators and Prospects
⚡JUST IN#China May official #PMI
— CN Wire (@Sino_Market) May 31, 2023
Manufacturing PMI 48.8 [Est.49.4 Prev.49.2]
Non-Manufacturing PMI 54.5 [Est.55.2 Prev.56.4]
Composite PMI 52.9 [Prev.54.4]#manufacturing #EconTwitter 🇨🇳 1/ pic.twitter.com/ouneow4YWe
🇨🇳 #China’s Factory Slump Worsens as Fears Mount Over Recovery – Bloomberghttps://t.co/T7xYlspHQI pic.twitter.com/eoYWmBakrb
— Christophe Barraud🛢🐳 (@C_Barraud) May 31, 2023
⚡CPCA: China's YTD retail sales of passenger vehicles at 7.287 million units, up 2% y/y; retail sales of NEVs at 2.326 million units, up 43% y/y.#China #Auto #OOTT #EVs https://t.co/bwYsv3tZrp
— CN Wire (@Sino_Market) May 31, 2023
Japan’s factory output declined for the first time in three months in April amid a global slowdown, likely weighing on the country’s recovering economy https://t.co/Np7dgwZ19y
— Bloomberg (@business) May 31, 2023
Monetary Policy
Bank Of Japan Policy Shift Risks Causing Eurozone Bond Turmoil, Warns ECB – FThttps://t.co/p4LtJfpf3S
— LiveSquawk (@LiveSquawk) May 31, 2023
The BOJ will refrain from changing its "yield curve control" program while speculation continues to swirl that the prime minister will call a snap election, according to a former board member. https://t.co/Yio2KBzdYv
— The Japan Times (@japantimes) May 31, 2023
Trade, Politics and Geopolitics
North Korea Warns of New Launch ‘Soon’ After Satellite Failure https://t.co/Fdq4IbtBKp
— Shehzad Younis شہزاد یونس (@shehzadyounis) May 31, 2023
Taiwan’s Digital Minister Audrey Tang told me and @jamietarabay about plan for Taiwan to be able to handle the possible collapse of all its communications in the event of an emergency by the end of next year. /1 https://t.co/e8mdAC76DI
— Cindy Wang (@hwang61) May 30, 2023
Europe
Economic Indicators and Prospects
🇪🇺 Euro-Zone Consumer-Price-Expectation Gauge at Lowest Since 2020 – Bloomberghttps://t.co/3GprHNicMH pic.twitter.com/rozHqPFzQl
— Christophe Barraud🛢🐳 (@C_Barraud) May 30, 2023
French Inflation Slows to Weakest in a Year But Italy Overshoots – BBGhttps://t.co/PuK2XRUZai
— LiveSquawk (@LiveSquawk) May 31, 2023
Italy’s Economy Grew More Than Anticipated In First Quarter – BBGhttps://t.co/by5JRSk473
— LiveSquawk (@LiveSquawk) May 31, 2023
UK business confidence fell for the first time in three months as higher-than-expected inflation figures weighed on firms’ sentiment about the economy, a survey showed https://t.co/tAPFEdEahN
— Bloomberg (@business) May 31, 2023
*Focus on inflation
Monetary Policy
ECB’s Villeroy Says French Inflation Has Probably Passed Peak – BBGhttps://t.co/lRFcLgl5OF
— LiveSquawk (@LiveSquawk) May 31, 2023
ECB sounds warning over waning market liquidity as rates rise https://t.co/YriM9VjrIK pic.twitter.com/4yYyUQ6iNr
— Zoe Schneeweiss (@ZSchneeweiss) May 30, 2023
Energy
Europe Gas Swings as Record German Solar Counters Norway Outages https://t.co/ET5Klmd0XA
— Shehzad Younis شہزاد یونس (@shehzadyounis) May 30, 2023
Trade, Politics and Geopolitics
Rishi Sunak won’t push US President Joe Biden for a trade deal during a visit to Washington next week, according to the UK prime minister’s spokesman https://t.co/pF2CmEf4lQ
— Bloomberg (@business) May 30, 2023